The Euro Might Have Put In An Intermediate Term Cycle High on 5-4-11

The Euro Might Have Put In An Intermediate Term Cycle High at 149.40 on 5-4-11, see the Daily and Weekly View charts at http://stockcharts.com/freecharts/gallery.html?s=%24xeu. Note the Elliott Wave 12345 up down up down up pattern (also an inverse ABC up down up pattern) in the second Weekly View chart since the early June 2010 Intermediate Term Cycle Low at 119.13, and, note the bearish weekly long dark/red candle this week, probably a bearish dark candle reversal this week by the Euro.

If the Euro has turned bearish (likely) that's an ominous sign for the Stock Market, and, for Commodities. Also, the USD appears to have bottomed, see the USD ETF UUP at http://stockcharts.com/freecharts/gallery.html?s=uup.

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